TM: Enough cash to redeem RM2b sukuk

Telecom Malaysia (TM) has enough cash to redeem its RM2 billion sukuk that will mature on December 31, according to its senior officials. TM has RM3.7 billion in cash and bank balances as at end-2012, its chief financial officer Datuk Bazlan Osman said. Therefore, the group does not see any need to issue more bonds to raise funds for now, he added. TM’s healthy reserves were lifted by a year-on-year growth in net income of 6.1 per cent from RM1.19 billion in 2011 to RM1.26 billion last year. This was largely helped by a 9.2 per cent revenue growth from RM9.15 billion in 2011 to RM9.99 billion last year, which TM claimed is the highest in the industry.